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by | Jun 15, 2022 | Firm News |

The Internal Revenue Service recently announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year.  This new rate goes into effect on July 1, 2022.

Employers that utilize the IRS optional standard mileage rate to reimburse your employees for miles driven in the course and scope of their employment affords the employer a rebuttable presumption it has properly and fully reimbursed employees for all necessary expenditures incurred in their employment.